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Company Accounts

20 Questions  I  By Sweetsalman123
Company Accounts

  
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1.  Mohit Ltd had 9000,10% redeemable preference shares of Rs.10 each, fully paid up. The company decided to redeem these preference shares at par by the issue of sufficient number of equity shares of  Rs.10 each fully paid up at a discount of 10%. The number of equity share issued should be
A.
B.
C.
D.
2.  Kapoor Ltd. Issued 750000,12% debentures of Rs.100 each at a premium of 10% payable Rs.40 on application and balance on allotment. Debentures are redeemable at par after 6 years. All money due on allotment was called up and received. The amount of premium will be  
A.
B.
C.
D.
3.  The subscribed share capital of S Ltd. is Rs.80,00,000 of Rs.100 each. There were no calls in arrear till the final call was made. The final call made was paid on 77,500 shares. The calls in arrear amounted to Rs.62,500. The final call on share will be  
A.
B.
C.
D.
4.  On equity share of Rs.20, the company has called up Rs.18 but actually received Rs. 18. The Share capital would be credited by  
A.
B.
C.
D.
5.  A company purchased an established business for Rs.4,00,000 payable Rs. 1,30,000 in cash and the balance by 12% debentures of Rs. 100 each at discount of 10%. Discount on issue of debentures will be  
A.
B.
C.
D.
6.  Gopal Ltd issued 20000, 8% debentures of Rs.10 each at par which are redeemable after 5 years at a premium of 20%. The amount of loss on redemption of debenture to be written off every year will be  
A.
B.
C.
D.
7.  Pavan Ltd. Invited application for 30,000 shares payable as under: Rs. 3 per share on application; Rs. 3 per share on allotment; Rs. 2 per share on First call; Rs. 2 per share on final call.Ashok, who had been allotted 500 shares failed to pay both the calls. His shares were forfeited and reissued at Rs. 9 per share to Hari, as fully paid up. Amount transferred to capital Reserve will be____________.  
A.
B.
C.
D.
8.  The following information pertains to X Ltd. Equity share capital called up Rs.5,00,000 Calls in arrear Rs. 40,000 Calls in advance Rs. 25,000 Proposed dividend 15% The amount of dividend payable = ?  
A.
B.
C.
D.
9.  Forfeited shares can be re-issued at discount
A.
B.
C.
D.
10.  Ravi Ltd. issued 1,40,00,000, 9% debentures of Rs.100 each at a discount of 6%, redeemable at a premium of 5% after 3 years payable as Rs.50 on application and Rs.44 on allotment. Total amount of discount/loss on issue of debenture will be  
A.
B.
C.
D.
11.  The paid up capital of the company consisted of 3000 6% preference shares of Rs. 100 each and 40,000 equity shares of Rs. 10 each. Last year's profit is Rs. 31,000; Current Year's profit Rs. 52,000; The following appropriations were passed at the annual general meeting of the company (i)   To pay the years dividend on preference shares. (ii)  To pay final dividend on equity shares at 50 paise per share (iii)  To transfer Rs. 5,000 to General reserve. The balance of Profit and Loss appropriation A/c to be transferred to Balance Sheet will be  
A.
B.
C.
D.
12.  Sure Ltd. issued 5,000,15% Debentures of Rs.100 each at a premium of Rs.10 each. These debentures were to be redeemed at a premium of Rs.4 each after 5 years. The amount to be credited to the debenture premium account will be  
A.
B.
C.
D.
13.  A company offers to the public 10,000 shares for subscription. The company receives application for 12,000 shares. If the shares are allotted on pro-rata basis, then applicants for 12,000 shares are to be allotted as  
A.
B.
C.
D.
14.  A Company issued 2000,12% debentures of Rs. 100 each at par but redeemable at 5% premium. Loss on issue of debentures will be  
A.
B.
C.
D.
15.  B Ltd. issued shares of Rs.10 each at a discount of 10%. Mr. C purchased 30 shares and paid Rs.2 on application but did not pay the allotment money of Rs.3. If the company forfeited his entire shares, the forfeiture account will be credited by  
A.
B.
C.
D.
16.  X Ltd. invited applications for 1,00,000 shares of Rs. 10 each at a discount of 6% discount per share will be  
A.
B.
C.
D.
17.  A Limited Company purchased machine worth Rs. 1,15,000 from Indian Traders. Payment was made as to Rs. 10,000 by cross cheque and the remaining amount by issue of Equity Shares of the face value of Rs. 10 each fully paid at an issue price of Rs.10.50 each. Amount of share premium will be
A.
B.
C.
D.
18.  X Ltd. purchased assets of Y Ltd.as under - Plant and machinery of Rs.20,00,000 at Rs.18,00,000;Land and building of Rs.30,00,000 at Rs.42,00,000 for purchase consideration of Rs.55,00,000 and paid Rs.10,00,000 in cash and remaining by issue of 8 % debentures of 100 each at a premium of 20 %.No.of debentures issued to vendors will be
A.
B.
C.
D.
19.  Which of the following is long-term liability?  
A.
B.
C.
D.
20.  Dividend paid before the end of the financial year is known as__________  
A.
B.
C.
D.
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